Allianz UK has unveiled a short-term income protection policy for distribution by financial advisers and mortgage brokers.
Allianz UK’s Short-term Income Protection provides immediate cover without the need for medical underwriting and pays benefits for a maximum of 12 months.
The policy offers protection against accident, sickness, and unemployment; accident and sickness only; or unemployment only. There is no premium weighting for existing conditions for the first two options, which also include accidental death cover providing 12 times the monthly benefit automatically.
Developed with AmTrust Specialty and Wessex Group, the policy is available to customers aged 18-64 who have been in full-time employment for at least six months, with cover ending at age 67. Up to 65% of gross monthly income is covered, with a maximum of £3,000 for new mortgages and £2,000 for existing mortgages or customers with a mortgage offer.
Henry Topham, managing director of retail insurance at Allianz UK, said: “We are delighted to launch a new short-term income protection product in partnership with AmTrust and Wessex.
“This policy will appeal to financial advisers as it’s a complementary product to their mortgage and protection sales. It offers a vital financial safety net and peace of mind ensuring people and homeowners can maintain their standard of living when the unexpected happens.”
